Roth MKM analyst Philip Shen lowered the firm’s price target on Array Technologies to $30 from $35 but keeps a Buy rating on the shares. The company delivered a “mixed” Q3 and cut its 2023 guidance, the analyst tells investors in a research note. While Array was not able to sidestep the challenges in U.S. utility scale solar amid higher cost of capital and had weaker-than-expected bookings, the four projects that pushed out to 2024 should eventually get done, the firm added.
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